Fortress Biotech (NASDAQ:FBIO) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.85 and traded as high as $2.25. Fortress Biotech shares last traded at $2.03, with a volume of 593,040 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. HC Wainwright boosted their price objective on Fortress Biotech from $24.00 to $26.00 and gave the company a "buy" rating in a report on Monday, November 18th. StockNews.com lowered shares of Fortress Biotech from a "hold" rating to a "sell" rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $13.67.

Fortress Biotech Stock Down 6.9 %

The company's 50-day moving average is $1.86 and its two-hundred day moving average is $1.85. The company has a market cap of $56.04 million, a P/E ratio of -0.67 and a beta of 1.70.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Shikiar Asset Management Inc. increased its holdings in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company's stock worth $342,000 after acquiring an additional 10,000 shares during the period. Integrated Wealth Concepts LLC increased its position in shares of Fortress Biotech by 68.2% in the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company's stock worth $67,000 after purchasing an additional 18,700 shares during the last quarter. Atria Investments Inc raised its stake in Fortress Biotech by 58.4% in the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company's stock valued at $103,000 after purchasing an additional 26,351 shares in the last quarter. Geode Capital Management LLC raised its stake in Fortress Biotech by 28.8% in the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company's stock valued at $244,000 after purchasing an additional 37,736 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Fortress Biotech during the 2nd quarter worth $207,000. Institutional investors own 96.51% of the company's stock.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.